Some of you fellow savers out there are mere digital voyeurs when it comes to your financial interests. You secretly covet the fantastic savings account Annual Percentage Yields that those young kids across the street seem to be getting all the time, all the while wondering why you get sweaty palms at the thought of a bank that only seems to exist in binary code. Well, that’s nothing to be ashamed of since a large part of preparing for your financial future is peace of mind, and if you’re hesitant to put your nest egg into anything but an old fashioned Scrooge McDuck-type vault, that’s your business.*
For those of you that want to be able to manage your savings through the internet while still having the option of the brick-and-mortar variety near your house/trailer/cave, the Wells Fargo Goal Savings account may be a solid option for you. This particular plan only takes a $100 minimum deposit, or a $25 deposit if you decide to set up monthly transfers. That way, you’ll be able to get your savings started up with a reputable brand-name bank, and still be able to share in the digital convenience of secure online balance/statement viewing that seems to be all the rage these days.
Now, because Wells Fargo is the sort of bank that likes to have things like “buildings” with “people” in them, there are some slight stipulations they require in order to keep this account free as possible. In order to avoid that $3 monthly fee, you have to keep either a $300 minimum daily balance or a regular deposit from either another Wells Fargo account or a Direct Deposit source. Also, the APY is only 0.05%, which is pretty good compared to its competitors- but not as high-yield as, say, a high-yield savings account.
On the other hand, this savings account would have nice synergy with a Wells Fargo Checking account should you choose to opt into their Overdraft Protection plan, and you would get the benefit of doing all your banking with one of the best names in the business. That’s a better bet than trusting your money with the bank I just started up: we essentially stick your money in a sock underneath my bed, all the while hoping that China doesn’t invade us and change the national currency to the Yuan. My fingers are crossed.
So if you want the convenience of maintaining your savings online while still looking for the security of a bank that’s a household name, Wells Fargo’s Goal Savings is a solid start. If, however, you’re feeling more adventurous, the Bank of Under-My-Bed is taking new customers as well (it’s a pretty big sock, after all).
*”Nest Egg” and “McDuck” in the same sentence: brilliant!